Macro Markets – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Macro Markets - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://macrogmsc.com , https://macrofx.net
Founded: 2023
Regulations: Unlicensed / Unregulated
Languages: Chinese, Vietnamese, English
Deposit Methods: Visa, MasterCard, Skrill, PayPal, Neteller, Bitcoin
Minimum Deposit: $100
Free Demo Account: No Demo Account
Number of Assets: 300
Types of Assets: Forex, Indices, Futures, Stocks
Trading Accounts and Conditions
Macro Markets offers their clients the following trading accounts:
- Standard Account: The minimum deposit amount required for a first deposit is $100. The spreads are medium.
- Pro Account: The minimum deposit amount required for a first deposit is $200.
- Premium Account: The minimum deposit amount required for a first deposit is $500.
- ECN Account: The minimum deposit required for a first deposit is $1,000.
The cost of a trade is not specified.
Macro Markets – Advantages
Here is the list of advantages when trading with Macro Markets:
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Regulated Broker
The first – and biggest – advantage of trading with Macro Markets is that they are operating legally. This is broker that is completely regulated by the ASIC – the Australian Securities and Investments Commission.
This broker is owned and operated by the company called Macro Global Markets Pty Ltd. Their Australian Financial Services License number is 363972. The broker also provides us with their physical address in Sydney. Phone numbers are also provided, as are email addresses.
We checked the ASIC’s records to see if all of these details were correct, and they were. Being regulated by the ASIC is a big advantage for this broker, as this regulator is one of the most stringently financial markets authorities in the world. Brokers are required to segregate clients’ funds from their own, there is negative balance protection, the broker cannot offer high leverages, there is a minimum capital requirement, brokers have to report all their transactions, and brokers cannot offer bonuses and promos to their clients.
So, when you deal with Macro Markets, you know that you are dealing with a safe broker.
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MT4 Trading Platform
Macro Markets offers their clients the use of the MetaTrader 4 trading platform, which, as of today, is the second-best trading software in the world (overtaken by their own upgraded version, the MetaTrader 5 platform). The MT4 platform offers a user-friendly interface that allows even novice traders to use the software. Added to this, the software has massive range of functions that makes trading almost intuitive, including offering automatic trading bots and a massive marketplace of 3rd-party apps.
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Affordable Minimum Deposit
The minimum deposit with this broker is just $100, which is very advantageous for traders.
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Fair Withdrawal Policy
Macro Markets has a fair withdrawal policy. There are no fees for withdrawals or for deposits. There is also no mention of a minimum or maximum withdrawal requirement, and there are no conditions to withdrawals.
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Wide Range of Trading Instruments
Macro Markets offers their clients more than 300 different trading instruments, which means that traders can really choose which assets to trade in.
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Offshore Trading Option Available
Macro Markets also offers an offshore trading option. These options are available in Chinese and Vietnamese. The broker has offered these options so that you make use of the higher leverage ratios that these jurisdictions allow.
Macro Markets – Disadvantages
Listed here are the disadvantage of trading with Macro Markets:
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No Demo Account
Despite the fact that Macro Markets states that they offer a demo account for their various account types, there are none available. This is a huge disadvantage as most legitimate brokers offer a demo account on which traders can practice their trades using the brokers’ trading conditions and platform.
Added to this, we found out that there was a big delay in the registration process. You need to register for an account and then wait for approval before you can check the trading platform this broker offers.
Most brokers allow you to access their trading platform immediately after registration, and there is no waiting time either.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Cost of Trading Not Specified
We are not too satisfied with Macro Markets’ trading conditions. While the minimum deposit is great, the cost of a trade – the spreads and the commissions – are not specified. This means brokers will not know the exact cost of a trade until they actually start trading. This lack of transparency is a disadvantage.
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No Crypto Trading Available
Sadly, Macro Markets does not allow for cryptocurrency trading. This means that traders do not have a one-stop-shop for all their trading needs.
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High Leverage for Offshore Accounts
While the Australian account holders are strongly monitored for low leverage options (Australia is very strict about not allowing brokers to offer more than a 1:30 leverage ratio), the broker offers an offshore option where the leverage ratio is 1:500.
While this allows traders higher risk trades (which also means greater returns), the chances of great losses are higher. Jurisdictions such as Australia, the UK, Europe, the US, Japan, Hong Kong and so on have placed strong restrictions on the amount of leverage offered because of the very real risk of both brokers and traders suffering heavy losses.
So, while traders are given options for higher risk, it would not be wise to use this option.
Conclusion
Macro Markets is a decent broker – regulated by a strong financial authority such as the ASIC, with decent trading conditions, has the best trading platform (MT4), has a fair withdrawal policy and a wide range of trading instruments. However, the broker does not offer their clients a demo account and you need to wait for approvals before you can start trading. Added to that, spreads are not clearly specified and there is no cryptocurrency trading available.
Overall, not a bad broker to deal with, but there are better ones out there.
Macro Markets
Pros
- None
Cons
- Lies About Regulation
- Blacklisted by CNMV
- Issues with Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more